Coinbase listed Uniswap’s token a few hours after the $1500 airdrop on Thursday morning, as we are reading more in the latest Coinbase news.
The regulated US Exchange Coinbase listed Uniswap’s token as the previously promised to do so in an announcement. The famous Coinbase pump followed shortly after causing UNI to surge by 22% to $4 as of press time. The inbound transfers are the only ones accepted on Coinbase so trading is expected to begin later in the date after the decent liquidity conditions are met in order to prevent a one-sided market or huge UNI holders after manipulating the market.
The 400 UNI that every Uniswap addressed was just airdropped is worth more than the $1,200 stimulus check the US sent to millions of Americans.
It’s basically stimulus for Ethereum users. pic.twitter.com/8tDc7UzWHL
— Ryan Watkins (@RyanWatkins_) September 17, 2020
However, the listing didn’t happen out of anywhere since Coinbase is an investor in Universal Navigation Inc. This company is a parent company of Uniswap and its developers as well, which holds UNI tokens. The exchange said:
“Coinbase intends to maintain its investment in UNI for the foreseeable future and maintains internal policies that address the timing of permissible disposition of its digital assets, including UNI tokens.”
The move came a few hours after Uniswap airdropped the tokens to everyone that used the platform before September 1. This included casual traders, liquidity providers, and those that tried to transact on the network but failed to do so because of the high gas fees. The minimum of 400 UNI was airdropped despite that. According to the data from CoinGecko, the 400 UNI airdrop was actually worth more than $1500 which is a few hundred bucks more than the US citizens received in their stimulus checks earlier this year. Coinbase listed other DeFi tokens as well over the past weeks such as Loopring and Yearn.finance, in order to provide users with a wider range of cryptocurrencies. With the latest listing, it looks that this trend will continue.
The latest winning round for the yearn.finance market followed by YFI’s listing on Coinbase pro, led the asset to reclaim its previous positions. Yearn finance closed above $40,000 and reclaimed some of the intraday profits after establishing a session support level. the continuation of the uptrend expected to lead the pair to the all-time high of $44,003 with a bullish target lurking close to the $50,311. YFI experienced a sell-off as well during its session top as traders booked their intraday profits and caused the cryptocurrency to drop lower by 8.50.
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